Obesity Surgery Devices Market is Forecasted to Grow at a CAGR of 9.9% During 2017-2023

January 1517:222018

The obesity surgery devices market size is projected to reach $2.8 billion by 2023, growing at a CAGR of 9.9% during 2017-2023. The market is growing mainly due to increasing prevalence of obesity leading to high demand for obesity surgeries, rising awareness about bariatric surgery in obese population, lifestyle changes leading to high risk of obesity, and technological advancements in the obesity surgery devices industry.

In terms of device type, the obesity surgery devices market is categorized into gastric bands, gastric balloons, stapling devices, gastric electrical stimulators, and others. Stapling devices held the largest share of the obesity surgery devices industry, owing to their high application in all types of bariatric surgeries to staple the stomach and intestine parts. The market will witness fastest growth in gastric balloons, during the forecast period, as these are less invasive and cheaper weight loss therapy.

The players operating in the global obesity surgery devices market have been continuously making efforts to come up with technologically advanced devices for bariatric surgeries. In June 2015, Medtronic PLC launched GastriSail, a device for sleeve gastrectomy, that can be used as standalone device, whereas, the traditional method of performing sleeve gastrectomy involves the use of three devices. The device posed lesser risk of infection and discomfort as compared to the traditional method. Also, the European Medicines Agency (EMA) had recently approved Elipse device of Allurion Technologies Inc., a procedure less balloon intended to be swallowed and naturally excreted without endoscopy, surgery or anaesthesia. These devices have made the procedure of performing bariatric surgery less time consuming and more effective. The increased effectiveness, and reduced invasiveness and risk of infection, have resulted in more number obese people showing interest in undergoing an obesity surgery, driving the demand for obesity surgery devices.

Europe is the second largest market for obesity surgery devices, accounting for 25.7% of the worldwide market in 2016. The European market for obesity surgery devices is set to reach $683.6 million by 2023, growing at a CAGR of between 9.3% 2017-2023. The market growth in Europe is mainly attributable to the increasing aging population and rising number of surgical procedures performed for the treatment of obesity in the region. Among all the European countries, France is expected to project the fastest growth in the European obesity surgery devices market, with the CAGR expected to increase from 9.0% during historical period to 10.3% during forecast period. The growth in the country is mainly due to the increasing prevalence of overweight and obesity, and high ratio of number of bariatric surgeries to the number of obese population in France as compared to other European countries.